Written by Cláudio Afonso | [email protected]
Mizuho Securities analyst Vijay Rakesh lowered the firm’s price target on Rivian shares to $90 from $95 while maintaining a Buy rating. The company will report its financial results on May 11, 2022, after market close. Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET the same day. The live webcast will be available at Businesswire page and a replay will be available for four weeks at www.rivian.com/investors following the webcast.
The analyst says Rivian has a well positioned SUV-truck consumer and commercial delivery vehicle electric portfolio buy says it is “growing through a grueling learning phase reflective of EV startups” — The Fly reported.
Piper Sandler analyst Alexander Potter lowered on Monday its price target on Rivian shares to $112 from $130. The analyst maintained an Overweight rating saying that also Tesla had to surpass the same obstacles to escalate the production. Potter noted that Rivian seems singularly aware of what it takes to be the “Next Tesla”.
The analyst noted that “vertical integration is costly, and there are no shortcuts. In its early days, Tesla dealt with delays, quality problems, and staggering cash burn. Rivian must endure this period, just as Tesla did. But we think the payoff will be worth it, because Rivian has a chance to consolidate three large segments of the auto market before Tesla releases competing products.”
Earlier today, Rivian CEO RJ Scaringe warned that the shortage of electric vehicles batteries can affect the auto industry soon being a challenge that “could surpass the current computer-chip shortage”. Auto makers have been facing limited supplies of raw materials like cobalt, lithium and nickel that are fundamental when making a battery. As reported by WSJ, Rivian’s CEO told reporters last week:
The company announced last week the hiring of Anisa Kamadoli Costa as the company’s Chief Sustainability Officer, effective April 18, 2022. Previously, Anisa was Chief Sustainability Officer at Tiffany & Co. and Chairman and President of the Tiffany & Co. Foundation.
Written by Cláudio Afonso | [email protected]
